China stocks slump to 5-1/2 year low vs US dollar on Brexit aftershock

China stocks slump to 5-1/2 year low vs US dollar on Brexit aftershock

China's yuan slumped to its weakest level against the dollar since December 2010 on Monday as deep uncertainty buffeted global markets after Britain's vote to leave the European Union last week, traders said.

The yuan hit an intraday low of 6.6402 per dollar in early trade, down 0.2 per cent from Friday’s close. (Reuters)

China’s yuan slumped to its weakest level against the dollar since December 2010 on Monday as deep uncertainty buffeted global markets after Britain’s vote to leave the European Union last week, traders said.

The yuan hit an intraday low of 6.6402 per dollar in early trade, down 0.2 per cent from Friday’s close, also tracking the central bank’s midpoint, which was fixed at 6.6375 on Monday – the lowest official guidance rate since December 2010.

The dollar index jumped nearly 1 percent in early Asian trade on Monday as the British pound remained under siege, sliding back toward a 31-year low as sentiment towards the currency remained in tatters after Brexit.